Greystar Resources Ltd. TSX: GSL AIM: GSL

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 18, 2008) - Greystar Resources Ltd. (the "Company" or "Greystar") (TSX:GSL)(AIM:GSL) is pleased to announce that Ms. Pauline Pasetka has been appointed to the non-board position of Chief Financial Officer effective November 17, 2008. Ms. Pasetka replaces Mr. Frederick Felder who was functioning as acting Chief Financial Officer for an interim period.

"Our size and stage of development now require a CFO of Pauline's caliber, and we could not be more excited about her joining us," said Chief Executive Officer, David Rovig "Pauline's depth of experience and financial expertise will ensure a balanced approach to our financial reporting processes and procedures, while we continue to advance our wholly-owned Angostura gold-silver project in the north eastern region of Colombia."

Ms. Pasetka is a Certified Management Accountant with over ten years of finance and management experience, including public company reporting in various sectors. She was formerly the Financial Controller of Quest Capital Corp., an AIM, TSX and Amex-listed Mortgage Investment Corporation serving Canadian real estate markets.Prior to this, Ms. Pasetka was a Tax Analyst for MacDonald Dettwiler and Associates Ltd. where her responsibilities included, amongst others, financial reporting, tax planning and compliance, internal controls and process management.

"I see tremendous opportunity at Greystar," said Ms. Pasetka. "The Company has done an enviable job in moving the Angostura project into the feasibility study stage and I look forward to utilizing my expertise to aid management as this large-scale project moves towards a production decision."

No Stock Exchange has reviewed or accepts responsibility for the adequacy or accuracy of this news release.